Tag: Ojulari

• …says renewed confidence in Tinubu’s reforms driving fresh oil, gas investments

• … Shell targets Bonga Southwest, deepwater and gas projects as global capital competition intensifies

Global energy giant Shell Plc has indicated plans to invest up to $20 billion more in Nigeria over the next couple of years, signalling renewed confidence in the country’s oil and gas sector following recent policy reforms.

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, disclosed this on Thursday after a meeting between President Bola Ahmed Tinubu and Shell’s global leadership led by its Chief Executive Officer, Wael Sawan, at the State House, Abuja.

Ojulari said the visit marked the first time the global chairman of the Shell Group was meeting President Tinubu, explaining that the purpose was to formally appreciate the President for the executive orders issued early last year to improve Nigeria’s investment climate.

He noted that although the Petroleum Industry Act (PIA) laid an important foundation for sector reforms, additional incentives were required to keep Nigeria competitive in the race for global capital.

“The competition for investment is global,” Ojulari said, pointing out that other African countries, Guyana and parts of the Far East were continually adjusting policies to attract investors. 

“One of the great things that Mr. President did was to announce those executive orders to put additional incentives in place to attract investments”, he said.

According to him, the policy shift enabled Shell to complete three major milestones in the last 18 months, beginning with the divestment of its onshore joint venture assets to Renaissance. 

He said the successful conclusion of that transaction demonstrated the administration’s commitment to allowing investors both to enter and exit the market when necessary.

“That brought confidence to the international community, including Shell,” Ojulari said.

Read Also: Ojulari: NNPCL to reinforce central role in Nigeria’s economic mandate

He added that following the divestment, Shell took a final investment decision (FID) of $5 billion on the Bonga North deepwater project, and later approved another $2 billion investment for a shallow-water gas development project.

“Overall, since Mr. President announced those incentives, just one company—Shell alone—has already invested over $7 billion,” he said, describing this as evidence of growing investor confidence in Nigeria’s economy.

Ojulari disclosed that during the meeting, Shell formally committed to pursuing additional investment opportunities worth about $20 billion in the coming years, citing confidence in President Tinubu’s leadership, transparency and demonstrated commitment to reform.

He said discussions also focused on Shell’s next major project, the Bonga Southwest development, on which the company is working toward a final investment decision. 

The project, he noted, would require capital expenditure of close to $10 billion, in addition to substantial operating costs.

Explaining the broader impact, Ojulari said such projects translate into large-scale job creation, revival of dormant fabrication yards, and long-term employment opportunities over the 20 to 30-year lifespan of oil and gas projects.

“For many years, fabrication yards have been idle because there were no projects. Those yards will come back to life,” he said, adding that Nigerians would benefit from construction, maintenance, manpower and supply contracts over decades.

Ojulari said NNPCL, as concession holder under Nigeria’s production sharing contracts with international oil companies such as Shell, Chevron, ExxonMobil and Total, would continue to work with investors and relevant government agencies to develop credible proposals for approval.

“Our responsibility is to be the conscience of the government and the conscience of Nigerians, ensuring that the assumptions and promises being made are correct and authentic,” he said, expressing optimism that with continued presidential support, final investment decisions would be reached in due course.

…blames 200,000-barrel daily loss on PENGASSAN strike, assures oil and gas recovery

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has said that Nigeria’s crude oil production is on course to reach 1.8 million barrels per day (bpd) before the end of 2025, following months of consistent growth and strategic maintenance interventions across production facilities.

Ojulari disclosed this after briefing President Bola Ahmed Tinubu at his Lagos residence on the company’s performance and ongoing developments in the oil and gas sector.

According to him, production hit 1.68 million barrels per day in September—the highest level in about five years—while gas output also reached a record 7 billion cubic feet (BCF) per day.

“With the turnaround maintenance completed in August and September now coming back onstream, we expect that before the end of the year, we should be clocking at least 1.8 million barrels per day, all things being equal,” Ojulari said.

He noted that the achievement aligns with the President’s directive to ramp up production to at least 2 million barrels per day by 2027 and 3 million barrels by 2030 under the Renewed Hope energy roadmap.

However, the NNPCL boss lamented the recent losses occasioned by the industrial action involving the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Dangote Refinery.

“It was quite unfortunate that the Dangote and PENGASSAN issue led to the strike. As you know, whenever critical staff manning key facilities are unavailable, operations are disrupted. We actually lost significant production of over 200,000 barrels per day and also experienced deferred gas output, while about 1.2 megawatts of power generation was affected,” he explained.

Ojulari commended the Federal Government for swiftly intervening through the Minister of Labour and Employment, Muhammad Maigari Dingyadi, with full support from the National Security Adviser (NSA), Nuhu Ribadu, to broker peace.

“Everyone was brought to the table, and a communiqué was agreed on the way forward. We are very hopeful that all parties will abide by it,” he said, adding that production had largely been restored to pre-strike levels, with only minor areas still catching up.

Responding to public concerns over recent gas price spikes, the NNPCL helmsman attributed the rise to temporary supply chain disruptions during the strike.

“The increase you saw was relatively artificial. For the period of the strike, loading and movement were delayed by about two or three days, and that created a temporary scarcity. Some marketers exploited the situation to raise prices. Now that things are back to normal, prices should return to what they were before the strike,” he assured.

Ojulari reaffirmed NNPCL’s commitment to meeting the President’s production and investment targets, assuring that ongoing reforms and new partnerships would sustain growth in both the crude and gas value chains.

The Nigerian National Petroleum Company Limited (NNPCL) yesterday said it under attack because of its transformation efforts. 

Its Group Chief Executive Officer (GCEO)

 Engr. Bashir Bayo Ojulari, revealed that the Company is under attack from people who don’t mean well for Nigeria and who are against the ongoing transformation efforts in the Company. 

Ojulari disclosed this while playing host to a delegation from the national body of the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the NNPC Towers in Abuja. 

He said because change always comes with a price, the NNPC Management will not succumb to such attacks. Instead, it will work for the larger interest of Nigerians. 

“We are under attack. We will not budge to short-term pressure, as it will not be in the best interest of Nigerians. You cannot drive change without a price, and the transformation is tough,” Ojulari explained. 

Ojulari emphasised that patience will be required from the Nigerian people at large to get to the other side of change, which will benefit Nigeria and her citizens. 

He reiterated his commitment to stay focused in driving the mandate given to the team by President Bola Ahmed Tinubu.  

While thanking the leadership of the Union for its support, Ojulari assured them to stay calm and build resilience stay focused during these trials.  

Read Also: Ojulari: oil theft through pipeline burst halted

“I am overwhelmed with the support from the union executives present here. The enemies of this company and Nigerians will not win,” he added. 

He said since coming on board about five months ago, his Management Team prioritised reviving the nation’s refineries in order to put them back into more sustainable and profitable venture by considering the Incorporated Joint Venture (IJV) model. 

“Mr. President doesn’t pressure me to do the wrong thing. That is why we are looking at the baseline to ensure whatever we are doing, the refineries work sustainably going forward. We don’t want to pretend and just do some quick fix because there is pressure on us,” Ojulari added. 

Earlier in his address, the President of PENGASSAN, Comrade Festus Osifo, said the oil workers union came to thank the NNPC Management for its partnership during the recently held 2025 PENGASSAN Energy & Labour Summit (PEALS) in Abuja. 

The Union also acknowledged the “remarkable milestones” recorded so far under the GCEO’s watch. 

“Our pipelines are now working. Also, crude oil theft has significantly reduced, leading to increased production. As PENGASSAN, we assure you that we are solidly behind you. We will work with you and collaborate with your team to ensure the stability of the system for the benefit of all Nigerians,” he concluded.  

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari has said that the company was working to revive moribund refineries to operate at full capacity by adopting the Nigeria Liquefied Natural Gas (NLNG) model.

He stated this on Thursday while receiving a delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) led by its President, Comrade Festus Osifo, at the NNPCL headquarters in Abuja.

Ojulari said that talks were ongoing to find a viable solution to the refining crisis, ensuring the refineries became a sustainably profitable venture.

He said that the national oil company had concluded a technical review for the three refineries. 

Ojulari said, “The solution you are proposing (the NLNG model) is the solution we are working on. We’ve now completed technical review of the three refineries, but it’s not just about technical. It’s also about commercial viability, It has to make money. Maybe not a lot, but it should not be making a loss.

“We’ve now completed the commercial review for the Port Harcourt refinery and from that commercial review, we have come to that conclusion that the best way forward is for us to get a true professional refinery company to join us and co-operate with us.

“We’ve been having meetings with potential parties, but we need to find the pathway that will work. We’ve also realised that if we’re not in the best interest of Nigeria, not in the best interest of NNPCL, that we will continue to put money into a place where we do not have the full ability to fully operationalise. So, when we bring in a true refinery, we can work with them.”

The NNPCL chief explained that the long neglect and lack of maintenance of the refineries were the major reasons behind the huge losses recorded from the refineries on a monthly basis, despite the huge investments to make them work.

Ojulari said, “A lot of money has been spent on these refineries. However, it’s been very challenging to translate those money into profitability. Part of the reason is when you have an old car, and you park the car for some time without any greasing and oiling. The Port Harcourt refinery has been difficult to put back because of years of neglect and it’s been difficult when you fix one thing, the other thing is still there. 

“When I resumed, one of the first priorities I focused on was the refinery. To quickly have a quick review to see whether we could quickly fix it. What I found is that we were losing between $300 to $500 million on a monthly basis in the overall refinery. We were pumping about 50,000 barrels of crude to go into the refinery. What was coming out was less than 40% equivalent of what was coming in.

“The first thing we then said, rather than continue to lose, let’s quickly stop and look for a way to put this refinery into a sustainably profitable venture, but also a means source of sustainable economy.”

Ojulari appealed to Nigerians, contractors, traders and beneficiaries to be patient with the shutdown of the refineries. 

Read Also: BREAKING: Niger Delta youths barricade NNPCL Towers

He added, “Tinubu did not put pressure on me to go and do the wrong thing. The baseline was to go and ensure that whatever we’re doing going forward, sustainably works. There’s no need for us to pretend, there was no negative political pressure for NNPC to just continue to run at a loss, so we decided to freeze on it, and we’ve been working astutely fine.

“My commitment is that when this refinery is reworking, everybody will be back to work but for now, we all need to cooperate and work together to ensure that whatever we put in place is sustainable.”

Ojulari also declared that he is not a politician, saying that he will have to learn a bit more about politics.

He said: “I’m not hiding from anybody. I’m not a politician. I will have to learn a bit more about politics, but for me, it is a development plan, and I’m ready to learn.”

The NNPCL boss also raised concerns over threats to his life and those of some members of the company’s management.

Ojulari said his major “offence” was the reforms he introduced in the oil and gas sector in line with President Bola Tinubu’s directive to revive the country’s ailing refineries, adding that some powerful interests were plotting to unseat him.

Despite what he described as attempts to intimidate him, Ojulari insisted that he remained focused on ensuring the success of the refinery rehabilitation plan.

Earlier, President of PENGASSAN, Comrade Festus Osifo said the pipelines have been working optimally since Ojulari became the GCEO leading to an increase in production.

He commended the management of NNPCL for moving beyond addressing the welfare of members.  

While seeking answers to reasons behind the shutdown of the refineries, Osifo noted that PENGASSAN was committed to supporting the NNPCL to stabilise the system which has been bedevilled with so many challenges including non-producing fields, to boost production to 2.6 million barrels per day next year.

Osifo said: “Managing institutions like this and trying to bring about change, we know that there are always ups and downs, which is expected in life. But at PENGASSAN, we assure you that we are solidly behind you, that we will work with you, we will collaborate with you and your team to ensure the stability of the system, because for us, when the system is not stabilised, it has a way of trickling down to our members.

“We will work with you to ensure that the system is stabilised and to ensure that NNPC continuously remains vibrant the way it has been, and even to take it a notch higher, because today we are doing approximately 1.8 million barrels of crude.

“We believe that with a lot of capacities and experience that will be brought in, we’ll be able to bring about an improvement in our production.”

Bashir Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), has paid a visit to the Nigeria Liquefied Natural Gas (NLNG) Plant in Bonny.

Ojulari praised the company for its pivotal role in driving Nigeria’s energy transition, economic stability, and industrial growth.

During the visit, Ojulari highlighted NNPC Ltd.’s commitment as a key shareholder to fostering NLNG’s long-term expansion. 

He unveiled ambitious plans to bolster gas infrastructure and explore new opportunities in clean energy innovation, positioning Nigeria’s energy sector for a competitive, low-carbon, and net-zero future.

Read Also: NNPC Under Bayo Ojulari: Leading Reforms, Boosting Output, and Attracting Investment

Ojulari emphasized the strategic significance of NLNG’s Train 7 project, describing it as a cornerstone for enhancing Nigeria’s export capacity, generating thousands of jobs, and reinforcing the nation’s resilience in the global energy market. 

The project is expected to significantly boost NLNG’s production capabilities, further solidifying Nigeria’s position as a leading LNG exporter.

The NNPC Ltd. CEO also lauded NLNG’s robust governance framework, unwavering commitment to sustainability, and exemplary asset integrity, calling them hallmarks of operational excellence and a source of national pride.

“NLNG’s contributions to Nigeria’s energy landscape and economic development are immense,” Ojulari said. 

“As we work toward a sustainable and competitive future, NNPC Ltd. remains dedicated to supporting NLNG’s growth and its pivotal role in shaping Nigeria’s energy sector.”

For the fourth time yesterday, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPCL), Engr. Bayo Ojulari failed to honour an invitation by the Senate Public Accounts Committee investigating the N210 trillion allegedly unaccounted for by the firm.

Consequently, angry members of the committee ordered him to appear by 3 pm today or risk being issued an arrest warrant.

The N210 trillion was flagged in an audit query raised by the Office of the Auditor General of the Federation in a report that covered six years(2017 — 2023).

Members of the Senate Public Accounts Committee (SPAC) were visibly angry on Tuesday following the non-appearance of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPCL), Engr. Bayo Ojulari, for the fourth time to explain the sum of N210trillion allegedly unaccounted for as flagged in an audit query raised by the Auditor General of the Federation.

Read Also: ‘Tinubu is an ardent supporter of media, committed to press freedom’ – Idris

Ojukari, however, explained in a letter to the panel that his failure to appear was due to a sudden invitation by President Bola Ahmed Tinubu.

The Aliyu Wadada-led committee had, after three earlier invitations, extended the fourth to Ojulari last Thursday.

But at its sitting yesterday, Wadada asked the Clerk, Mohammed  Abdullahi, if the  NNPCL’s boss was around; the Clerk responded that he had sent in a letter to explain his absence.

In the letter dated  July 22, 2025, and read by Abdullahi, Ojulari explained that an urgent invitation he got from President Bola Tinubu prevented him from honouring the committee’s summon.

 Members of the committee, one after the other, expressed reservations on the genuineness or credibility of the reason given by Ojulari.

One of them, Joel  Onowakpo, accused the NNPCL boss of not seeing the invitation as a priority.

“To me, the NNPCL boss thinks that he is bigger than this committee. We don’t need a soothsayer to tell us that he will never honour our invitation except we invoke our powers to compel him,”  Onowakpo said. 

 Also, Senator Victor Umeh said Ojulari’s use of  Tinubu as an excuse should not be allowed to continue.

 Senator Aminu Abbas, who accused  Ojulari of disrespecting the committee, said no GCEO is bigger than the National Assembly.

“For failing to honour invitations of this committee four different times, he should be ordered to appear before it tomorrow (Wednesday) unfailingly,” he said.

The Arewa Elders and Youths Forum (AEYF) has cautioned those it described as “mischief makers” against making baseless allegations and casting aspersions on the Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari.

Speaking to journalists in Kano on Friday, AEYF Chairman, Alhaji Salisu Magaji, called on Nigerians especially those from the North to rally behind Ojulari to ensure his success in the role.

Magaji also commended President Bola Tinubu for his foresight in appointing Ojulari, describing the decision as a step in the right direction for the nation’s oil and gas sector.

He said, “Those northerners castigating and blackmailing Ojulari should note that the NNPC boss hails from Kwara state and therefore, he is a northerner, hence he belongs to the 19 northern states of the country.”

Alhaji Magaji also added that aside from been a Northerner, Ojulari merited the position he is appointed to serve adding that” the country is in need of capable hands that would contribute in achieving the Renewed Hope Agenda of President Bola Ahmed Tinubu.

“It is high time we stopped regional sentiment and measure people appointed to positions in terms of their capacity and credibility,” he said.

“We are going to mobilise all Northerners -women, youths, governors, traditional rulers and even politicians from the North, to give him maximum support to deliver in the oil sector and make president and Nigerians proud.

Read Also: Monarchs greet Tinubu, governor for picking Ojulari

“We are calling on him to help in exploration of Kolmani oil drilling in Bauchi and Gombe states, because he has been making views on Komani oil drilling.

“It should be recalled that Komani oil drilling was abandoned, the present government of President Bola Tinubu has raised hope in resuscitating and drilling it.

“We were behind him and we will mobilise patriotic people to rally around him to succeed and for the project to see the light of the day.

“We the people of North should not dance to the tune music of some disgruntled elements to blackmailing an innocent man to tagged him as non Northerner, without substantiated facts and evidence.

Magaji hinted that if by tomorrow, a person from Kaba, who happens to be Yoruba, is appointed as a minister, will these enemies of progress come out and label him as non Northerner? -The question we should ask them is …is Kaba not part of Kogi state and Kogi state not part of the 19 northern states?

“This unnecessary insinuation from the disgruntled elements will not eroded our support for the NNPC boss (Ojulari); he is a true Nigerian and hails from Kwara state,” he said.